The nine minute presentation that led to demonetisation

All transactions must take place through banks with the help of cheques, demand draft and online

It was a nine-minute presentation that convinced Prime Minister Narendra Modi to go ahead with the decision on demonetisation. November 8 marks a year since the decision to ban the Rs 500 and 1,000 notes were taken.

Who advised the PM and the Finance Minister to take such a decision. Anil Bokil, a Pune based think-tank made this suggestion. He suggested several measures and steps that could be taken to rid the nation of the menace that is black money and fake currency.

The PM, FM, RBI governor and financial advisor had decided six months back that serious measures should be taken in this regard. Two months back the decision was made. Prior to that Bokil had met with the Prime

Minister and given 9 minutes to make his case. In the nine-minute presentation, here is what he said:

Ban notes of Rs 500, 1,000 and even 100

All transactions must take place through banks with the help of cheques, demand draft and online
Single baking system for revenue collection

Except import duty, stop collection of money under 56 different taxes

He justified his suggestions by saying that the country's 78 percent population spends only Rs 20 a day. Hence they do not require big currency notes. He also said that in India an average transaction of Rs 2.7 lakh crore is seen daily which accounts a to Rs 800 lakh crore per year. However, only 20 percent transactions out of this takes place through banks. The rest all takes place through cash which cannot be traced. The PM was impressed and the ban was set in motion.

OneIndia News